State-owned toll road firm PT Jasa Marga said it has postponed a planned Rp2 trillion ($219.6 million) initial public offering to the first quarter of 2007.

The firm said in September it planned to list 15% of its shares on the Jakarta Stock Exchange in November to raise funds to finance the construction of some toll roads. But a company official said on Wednesday (8/11/06) it has yet to receive parliamentary approval for the offering, Reuters reported.

The firm, which controls more than 75% of the country's toll roads, plans to build three toll roads as part of government efforts to improve the country's creaking infrastructure.Jasa Marga president director Frans Sunito said the company needs Rp4 trillion to finance the toll road projects on Java next year. "Part of the funding will come from the IPO, which will be done in the first quarter of 2007," Sunito said.

He said the company expects to raise Rp1.5 trillion to Rp2 trillion from the IPO while the rest would come from loans.